market study prepared by howard p. schutz & associates, llc · 2017. 2. 20. · howard p. schultz &...
TRANSCRIPT
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MARKET STUDY
J.N. ADAM DEVELOPMENTAL
N.Y.S. ROUTE 39, HOOKER HILL ROAD & PECK HILL ROAD
TOWN OF PERRYSBURG, COUNTY OF CATTARAUGUS
STATE OF NEW YORK
S.B.L. NUMBERS: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15
DATE OF VALUATION:
FEBRUARY 20, 2017
PREPARED FOR:
MR. ROBERT VANDELOO
NEW YORK STATE OFFICE OF GENERAL SERVICES
BUREAU OF LAND MANAGEMENT
CORNING TOWER – 26TH
FLOOR | EMPIRE STATE PLAZA
ALBANY, NEW YORK 12242
PREPARED BY:
HOWARD P. SCHULTZ & ASSOCIATES, LLC
4 CENTRE DRIVE
ORCHARD PARK, NEW YORK 14127
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March 22, 2017
TO: Mr. Robert VanDeloo
New York State Office of General Services / Bureau of Land Management
Corning Tower – 26th
Floor / Empire State Plaza
Albany, New York 12242
RE: Market Study
J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road Town of Perrysburg
County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15
Dear Mr. VanDeloo,
We have prepared the attached Market Study for the purpose of developing a comprehensive
marketing plan for the subject property located within the J.N. Adam Developmental Complex -
N.Y.S. Route 39 & Peck Hill Road, Town of Perrysburg, County of Cattaraugus, State of New York,
as of February 20, 2017.
The purpose of this Market Study is to undertake the investigations and analyses required to reach
supportable opinions of repurpose and reuse of the complex taking into consideration Hypothetical
Conditions where local, State, Federal & Private Sector funding is a possibility. The intended use of
this Market Study is to provide information to Mr. Robert VanDeloo of the New York State Office
of General Services to appropriately analyze the subject property to formulate the most beneficial
plan for possible sale and/or reuse of the complex.
The intended user is Mr. Robert VanDeloo of the New York State Office of General Services, his
affiliates, designates, and assignees, and no other person shall have any right to rely on any service
provided by Howard P. Schultz & Associates, LLC.
The subject complex was formerly opened in 1912 as a Sanitarium for Tuberculosis patients. In 1948
the complex was transferred to the State of New York and operated by the Office of Developmental
Disabilities. The Office of Developmental Disabilities decommissioned and closed the facility in
1991 and since that time the complex has not been maintained and the improvements suffer from
severe differed maintenance. Improvements are located on both the east and west sides of Peck Hill
Road. The main site is located on the eastern side and will be referred to as “Parcel No.1”.
Additional improvements located on the western side of Peck Hill Road will be referred to as
“Parcel No.2”. Additionally, there is a non-contiguous 152.00± Acre parcel of vacant land which
has frontage along N.Y.S. Route 39 which will be referred to as “Parcel No.3”.
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-2-
March 22, 2017
TO: Mr. Robert VanDeloo
New York State Office of General Services / Bureau of Land Management
Corning Tower – 26th
Floor / Empire State Plaza
Albany, New York 12242
RE: Market Study
J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road Town of Perrysburg
County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15
Parcel No.1 includes the majority of the improvements within the J.N. Adam Developmental
complex. The main facility consists of a four (4) story 173,200± Sq.Ft. hospital with large verandas
and overhangs, which were associated with the method of treatment of tuberculosis patients at the
time. The main four (4) story buildings were interconnected by three (3) story corridors. Connected
to the hospital is a 32,234± Sq.Ft. dining hall and kitchen area. There is also a four (4) story 17,424±
Sq.Ft. auditorium / gymnasium, two (2) 9,148± Sq.Ft. treatment / office buildings, a 22,216± Sq.Ft.
boiler house and several small outbuildings. Parcel No.1 includes 182± acres of land.
Parcel No.2 is located on the western side of Peck Hill Road. Improvements to this parcel consist of
a 10,454± Sq.Ft. dormitory building, eight (8) 1,398± Sq.Ft. staff homes and a 1,742± Sq.Ft. office
building. Parcel No.2 includes 315± acres of land with frontages along N.Y.S. Route 39, Peck Hill
Road & Hooker Hill Road.
Parcel No.3 is a 152.00± Acre parcel of vacant land which has frontage along N.Y.S. Route 39.
The analysis and conclusions within the attached Market Study are based upon field research,
interviews with market participants, and publicly available data collected by the appraiser. The
Market Study was prepared in conformity with the requirements of the Code of Professional Ethics
and Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Standards
Board of the Appraisal Foundation, the Appraisal Institute Certification Standard and the New York
State Office of General Services / Bureau of Land Management requirements.
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TABLE OF CONTENTS
OGS Map of Parcel No.1, No.2 & No.3
Summary of Salient Facts & Conclusions - Parcel No.1 ..................................................... 1
Subject Property Photographs - Parcel No.1..................................................................... 2-9
Summary of Salient Facts & Conclusions - Parcel No.2 ................................................... 10
Subject Property Photographs - Parcel No.2................................................................. 11-14
Summary of Salient Facts & Conclusions - Parcel No.3 ................................................... 15
Subject Property Photographs - Parcel No.3................................................................. 16-17
Identification of the Property ............................................................................................. 18
Sales History
Purpose, Intended Use and Intended User
Real Property Interest
Effective Date of the Appraisal
Legal Description .......................................................................................................... 19-26
Definition of Market Value ................................................................................................ 27
Assessment and Real Estate Taxes .................................................................................... 28
Parcel Map ......................................................................................................................... 29
Scope of Work .............................................................................................................. 30-31
Area Data – Cattaraugus County .................................................................................. 32-35
Neighborhood Description
Location Map ..................................................................................................................... 35
Site Data ........................................................................................................................ 36-38
Market Study ................................................................................................................. 39-68
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TABLE OF CONTENTS (Continued)
Reconciliation and Conclusion ..................................................................................... 69-71
General Assumptions and Limiting Conditions ............................................................ 72-74
Certification of the Appraiser
• Howard P. Schultz, MAI ................................................................................................. 75
Certification of the Appraiser Assistant
• Peter L. Schultz ............................................................................................................... 76
Qualifications of the Appraiser
• Howard P. Schultz, MAI ............................................................................................ 77-79
Qualifications of the Appraiser Assistant
• Peter L. Schultz .......................................................................................................... 80-81
ADDENDUM
Howard P. Schultz, MAI Appraisal License
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Aerial Map of Parcel No1 | Parcel No.2 & Parcel No.3:
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
1
Summary of Salient Facts & Conclusions – Parcel No.1: Address of Property: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road
& Peck Hill Road - Town of Perrysburg
County of Cattaraugus, State of New York
Owner of Record: State of New York
Intended User: The New York State Office of General Services
Purpose of Market Study: The purpose of this Market Study is to undertake the investigations
and analyses required to reach supportable opinions of repurpose and
reuse of the complex taking into consideration Hypothetical
Conditions where local, State & Federal funding is a possibility.
Type of Property: Decommissioned Hospital Center
Land Area: 2,494` x Irregular = 182± Acres
Building Area: 173,200± Sq.Ft. Main Hospital Complex
32,234± Sq.Ft. Dining Facility | 17,424± Sq.Ft. Auditorium
(2) 9,148± Sq.Ft. Treatment / Office Buildings
22,216± Sq.Ft. Boiler House | Additional Outbuildings
Zoning: A-R “Agricultural District” – 97.56± Acres
R “Residential District” – 47.44± Acres
I-C “Industrial Commercial” – 37.00± Acres
S.B.L. Number: 16.001-1-3.1 (part of) & 16.022-2-10
Real Estate Taxes (2016-2017): Tax Exempt
Market Study Date: February 20, 2017
Estimated Exposure &
Marketing Period: One (1) Year or more
Hypothetical Conditions: Yes
NOTE: The conclusions summarized above must only be considered in the context of the complete
narrative Market Study of which this page is a part.
Market Study Prepared By:
Howard P. Schultz, MAI
State Certified General Real Estate Appraiser
No. 46-4952
&
Peter L. Schultz
Real Estate Appraiser Assistant
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
2
Subject Property Photographs – Parcel No.1: - Main Hospital Complex
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
3
Subject Property Photographs – Parcel No.1: - Main Hospital Complex
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
4
Subject Property Photographs – Parcel No.1: - Dining Facility
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
5
Subject Property Photographs – Parcel No.1: - Dining Facility
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
6
Subject Property Photographs – Parcel No.1: - Auditorium
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
7
Subject Property Photographs – Parcel No.1: - Treatment / Office Buildings
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
8
Subject Property Photographs – Parcel No.1: - Boiler House
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
9
Subject Property Photographs – Parcel No.1: - Outbuildings
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
10
Summary of Salient Facts & Conclusions – Parcel No.2: Address of Property: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road
& Peck Hill Road - Town of Perrysburg
County of Cattaraugus, State of New York
Owner of Record: State of New York
Intended User: The New York State Office of General Services
Purpose of Market Study: The purpose of this Market Study is to undertake the investigations
and analyses required to reach supportable opinions of repurpose and
reuse of the complex taking into consideration Hypothetical
Conditions where local, State & Federal funding is a possibility.
Property Rights Appraised: Fee Simple Title
Type of Property: Decommissioned Hospital Center
Land Area: 2,221` x Irregular = 315± Acres
Building Area: 10,454± Sq.Ft. Dormitory Building
Eight (8) 1,398± Sq.Ft. Staff Homes
1,742± Sq.Ft. Office Building
Zoning: A-R “Agricultural District” – 242.21± Acres
R “Residential District” – 52.79± Acres
I-C “Industrial Commercial” – 20.00± Acres
S.B.L. Number: 16.001-1-3.1 (part of)
Real Estate Taxes (2016-2017): Tax Exempt
Market Study Date: February 20, 2017
Estimated Exposure &
Marketing Period: One (1) Year or more
Hypothetical Conditions: Yes
NOTE: The conclusions summarized above must only be considered in the context of the complete
narrative Market Study of which this page is a part.
Market Study Prepared by:
Howard P. Schultz, MAI
State Certified General Real Estate Appraiser
No. 46-4952
&
Peter L. Schultz
Real Estate Appraiser Assistant
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
11
Subject Property Photographs – Parcel No.2: - Dormitory
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
12
Subject Property Photographs – Parcel No.2: - Staff Housing
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
13
Subject Property Photographs – Parcel No.2: - Staff Housing
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
14
Subject Property Photographs – Parcel No.2: - Office Building
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
15
Summary of Salient Facts & Conclusions – Parcel No.3:
Address of Property: J.N. Adam Developmental - N.Y.S. Route 39
Town of Perrysburg
County of Cattaraugus, State of New York
Owner of Record: State of New York
Intended User: The New York State Office of General Services
Purpose of Market Study: The purpose of this Market Study is to undertake the
investigations and analyses required to reach supportable
opinions of repurpose and reuse of the complex taking into
consideration Hypothetical Conditions where local, State &
Federal funding is a possibility.
Property Rights Appraised: Fee Simple Title
Type of Property: Vacant Agricultural Land
Land Area: 3,746` x Irregular = 152± Acres
Zoning: A-R “Agricultural District”
S.B.L. Number: 15.002-1-15
Real Estate Taxes (2016-2017): Tax Exempt
Market Study Date: February 20, 2017
Estimated Exposure &
Marketing Period: One (1) Year
Hypothetical Conditions: Yes
NOTE: The conclusions summarized above must only be considered in the context of the
complete narrative Market Study of which this page is a part.
Market Study Prepared by:
Howard P. Schultz, MAI
State Certified General Real Estate Appraiser
No. 46-4952
&
Peter L. Schultz
Real Estate Appraiser Assistant
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
16
Subject Property Photographs – Parcel No.3: - Aerial View
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
17
Subject Property Photographs – Parcel No.3:
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
18
Identification of the Real Estate:
The subject property is located in the Town of Perrysburg, County of Cattaraugus and State of New
York. It is addressed as J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill
Road.
The subject property is specifically identified under the Town of Perrysburg, County of Cattaraugus
Tax Map I.D. Nos. or Section, Block and Lot Nos. (S.B.L. Numbers) 16.001-1-3.1 | 16.002-2-10 |
15.002-1-15
Sales History:
There have not been any arm’s length sale transfers of the subject property in the past three (3)
years. The property is not the subject of a pending sale and is not presently offered for sale.
Purpose, Intended Use & Intended User:
The purpose of this Market Study is to undertake the investigations and analyses required to reach
supportable opinions of repurpose and reuse of the complex taking into consideration Hypothetical
Conditions where local, State, Federal & Private Sector funding is a possibility. The intended use of
this Market Study is to provide information to Mr. Robert VanDeloo of the New York State Office
of General Services to appropriately analyze the subject property to formulate the most beneficial
plan for possible sale and/or reuse of the complex.
The intended user is Mr. Robert VanDeloo of the New York State Office of General Services, his
affiliates, designates, and assignees, and no other person shall have any right to rely on any service
provided by Howard P. Schultz & Associates, LLC.
Effective Date of the Market Study:
The effective date of this Market Study is February 20, 2017. General Assumptions and Limiting
Conditions applicable to this Market Study are attached to this report. The appraisers made a detailed
interior and exterior inspection of the subject property and viewed the general neighborhood
accompanied by members of the New York State Office of General Services / Bureau of Land
Management.
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
19
Legal Description:
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
20
Legal Description – (Continued):
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
21
Legal Description – (Continued):
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
22
Legal Description – (Continued):
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
23
Legal Description – (Continued):
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
24
Legal Description – (Continued):
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
25
Legal Description – (Continued):
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
26
Legal Description – (Continued):
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
27
Assessment and Real Estate Taxes:
Town of Perrysburg
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15
The overall combined assessment for the Subject Complex for 2017 is $3,101,800.
The Equalization rate for the Town of Perrysburg is 71% which results in a full value assessment of
$4,368,732.
Real Estate Taxes (2016-17):
Under the ownership of the State of New York, the subject property is tax exempt. The potential real
estate taxes without the exemption for the Town of Perrysburg, the County of Cattaraugus and the
Gowanda Central School District are as follows:
Town & County: $109,681.69
School: $111,811.19
Total Tax: $221,492.88
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
28
Parcel Map:
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
29
Scope of Work:
The subject complex was formerly opened in 1912 as a Sanitarium for Tuberculosis patients. In 1948
the complex was transferred to the State of New York and operated by the Office of Developmental
Disabilities. The Office of Developmental Disabilities decommissioned and closed the facility in
1991 and since that time the complex has not been maintained and the improvements suffer from
severe differed maintenance. Improvements are located on both the east and west sides of Peck Hill
Road. The main site is located on the eastern side and will be referred to as “Parcel No.1”.
Additional improvements located on the western side of Peck Hill Road will be referred to as
“Parcel No.2”. Additionally, there is a non-contiguous 152.00± Acre parcel of vacant land which
has frontage along N.Y.S. Route 39 which will be referred to as “Parcel No.3”.
Parcel No.1 includes the majority of the improvements within the J.N. Adam Developmental
complex. The main facility consists of a four (4) story 173,200± Sq.Ft. hospital with large verandas
and overhangs, which were associated with the method of treatment of tuberculosis patients at the
time. The main four (4) story buildings were interconnected by three (3) story corridors. Connected
to the hospital is a 32,234± Sq.Ft. dining hall and kitchen area. There is also a four (4) story 17,424±
Sq.Ft. auditorium / gymnasium, two (2) 9,148± Sq.Ft. treatment / office buildings, a 22,216± Sq.Ft.
boiler house and several small outbuildings. Parcel No.1 includes 182± acres of land.
Parcel No.2 is located on the western side of Peck Hill Road. Improvements to the parcel consist of
a 10,454± Sq.Ft. dormitory building, eight (8) 1,398± Sq.Ft. staff homes and a 1,742± Sq.Ft. office
building. Parcel No.2 includes 315± acres of land with frontage along N.Y.S. Route 39, Peck Hill
Road & Hooker Hill Road.
Parcel No.3 is a 152.00± Acre parcel of vacant land which has frontage along N.Y.S. Route 39.
The purpose of this Market Study is to undertake the investigations and analyses required to reach
supportable opinions of repurpose and reuse of the complex taking into consideration Hypothetical
Conditions where local, State, Federal & Private Sector funding is a possibility. We have engaged in
the following:
Inspections of the subject site, interior and exterior of the buildings on October 18, 2016 and February 20, 2017
Research and collection of market data.
Due diligence to determine the existence of apparent adverse conditions.
Reviewed four (4) specific repurpose / reuse developments including the Imperial Baths at Sharon Springs, the Haddon Avenue Transit Village within the Our Lady of Lourdes Medical
Center, the Bennett College for Girls Campus restoration and Hudson Heritage within the
Hudson River State Hospital site.
Researched “green-lighted” projects and the costs to redevelop within the Western New York region including the AP Lofts at Larkinville, National Comedy Center, Am&A’s Department
Store, Buffalo Christian Center, Centeral Terminal, Queens Light and the Trico Building.
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PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
30
Scope of Work (Continued):
Research of the New York State Casino market; both the newly opened privately owned casinos and the casino operated by the Seneca Nation of Indians and other Indian Tribes
throughout New York State.
Research of the Chautauqua Institution from its origins in the late 1800’s to what is has become today.
Data utilized in this Market Study have been verified with principals to the developments to the
extent possible, or other informed parties such as real estate brokers, leasing agents, property
managers or government officials.
The undersigned appraisers are not qualified to determine by visual inspection the existence of
hazardous materials and/or conditions. The concluded Market Study is premised upon the property
being unaffected by hazardous materials and/or conditions other than asbestos and lead paint, which
was viewed by the appraisers on the dates of inspection.
No additional steps were required to comply with the competency rule of the USPAP since the
appraiser has previously completed valuations of similar properties.
The scope of this appraisal did not include the following:
my commissioning of any environmental studies;
retaining the services of a soil engineer to determine soil properties;
hiring a structural engineer to provide an analysis of the integrity of the buildings.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
31
Area Data - Cattaraugus County:
Cattaraugus County is situated between Erie County and the Pennsylvania State border and occupies
approximately 1,310 square miles of land. Cattaraugus County has two incorporated Cities: Olean
and SalamancaBOlean being the largest. See the map of the County below:
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
32
Area Data - Cattaraugus County: (Continued)
The County has experienced moderate decline of -0.95% from 1990 to 2010. The chart below shows
the population trend of the County from 1970 to 2010: As of the 2010 Census, the population of the
County was 80,317. The 2012 population estimate is 79,458.
There were 32,440 total occupied households in the County in 2010 and 41,123 total housing units.
The median household income in Cattaraugus County is $42,754. The median housing value is
approximately $78,400.
Significant advantages for businesses and industries considering relocation or expansion into
Cattaraugus County include an abundance of natural resources (including a large water supply from
the Alleghany River Basin), energy supplies, man power, financing, telecommunications, Empire
Zones, and tax incentives.
Developing opportunities for the future include:
●
Route 219 upgrade as part of an International Trade Corridor.
●
Interstate-86 designation of east/west Route 17 Expressway.
● Ability to designate New York State Empire Zone status to any development site in the
County. ●
Special federal HUBZone designations on the Seneca Nation of Indians territory.
●
Construction of a new resort Casino on Seneca territory.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
33
Area Data - Cattaraugus County: (Continued)
The major industries and employers in the area are Dresser Rand, C.B. Norton and Son, Inc.,
Fitzpatrick & Weller, Olean Advanced Products, Cooper Power Systems, Cutco/Alcas Corporation
(employs 840), Luminite Products Corp, and West Valley Nuclear Services Company (employs
703).
Below is a graph of the employment distribution for the County:
Agriculture and tourism play a large role in the Cattaraugus County economy. Over 75% of the
County is open forest, woodland and farm country. The major agricultural crops in this area include
corn, oats, wheat, and soybeans. Tourism is also growing due to the many parks, natural attractions,
and recreational activities in Cattaraugus County.
Also located in Cattaraugus County is West Valley Nuclear Services Company which has more than
20 years of success at the West Valley Demonstration Project. They are the first company in the
nation to design, construct, operate, and complete a high-level radioactive waste verification
program for the U.S. Department of Energy. The West Valley Demonstration Project is a unique
operation within the Department of Energy. It came into being through the West Valley
Demonstration Project Act of 1980. The Act requires that the Department is responsible for
solidifying the high-level waste, disposing of waste created by the solidification, and
decommissioning the facilities used in the process. This remains an ongoing project in this area
which employs many and continues to bring and supply business to the area.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
34
Area Data - Cattaraugus County: (Continued)
Two important transportation corridors intersect in southern Cattaraugus County forming the
Southern Cross Interstate 86 (east/west) and Route 219 (north/south). Interstate 86 runs east/west
along the southern portion of New York State and continues on into New Jersey. US Highway 219
runs north to Buffalo and south to Washington, DC and Florida. They intersect at Interstate 86 Exit
21 and Route 23. Highway 16, which also runs north/south, intersects with Interstate 86 at Exit 26.
Route 219 is currently being studied for upgrade to a four-lane in the near future. The County is
undertaking corridor economic development and land use planning along Routes 219, 16, and 62.
Olean Municipal Airport is 11.5 miles from Olean; it offers local private and commuter air service.
Cattaraugus County is served by three railroads: Norfolk Southern runs east/west through the region,
Buffalo & Pittsburgh runs north/south, and New York & Lake Erie Shoreline runs in the
Gowanda/South Dayton area.
The County is well known for its recreational areas including Allegany State Park and Zoar Valley.
Ellicottville is best known for its summer and winter recreation at Holiday Valley Resort, located
just south of the Village on Route 219.
Neighborhood Description:
The subject property is located on the southern side of N.Y.S. Route 39 in the northeast quadrant of
the Town of Perrysburg, New York. The subject property lies in a predominately rural area with
development mostly along the road frontages. The subject complex lies approximately 30 miles
south of the Downtown Buffalo Business District. Located approximately 15 miles west of the
subject is the New York State Thruway (NYS Rte.90). Just north of the subject is the Gowanda
Correctional Facility and the Collins Correctional Facility. Each is a medium security facility
housing approximately 4,000 inmates. The Cattaraugus Indian Reservation is also located
approximately 1.7 miles north of the subject.
Located approximately 20± miles southeast of the subject property is the Village of Ellicottville and
the Holiday Valley and Holimont Ski Resorts. The Village of Ellicottville which is located in the
center of Cattaraugus County has become a major tourism destination to hundreds of thousands of
visitors annually. The Village has become a full season resort town attracting tourists, athletes, and
businesses. Holiday Valley Ski Resort is a major destination in Ellicottville. Holiday Valley offers
53 slopes and 12 lifts and a variety of other attractions. They also offer lodging, restaurants, bars,
and shops. Recently, Holiday Valley added Tubing Company to their activities. The resort has also
expanded to offer attractions outside of the winter months. They have a conference center to attract
business, an 18 hole par 72 golf course, and mountain biking trails. Holimont is a private ski resort
located in Ellicottville. The resort is open to the public during the week and open to members only
on the weekends. Other attractions around Ellicottville include fishing, hiking, horseback riding, and
sleigh rides.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
35
Location Map:
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
36
Site Data – Parcel No.1:
Parcel Size 2,494` x Irregular = 182± Acres
Site includes frontage on N.Y.S. Route 39 and Peck Hill Road
Land Contour & Soil The topography of the site is rolling, sloping uphill in a southerly
direction from the northern property line along N.Y.S. Route 39. No
soil reports were available for review. It is, therefore, a premise of this
appraisal that there exist no adverse conditions which would prevent
development of the site to its highest & best use utilizing standard
construction materials and techniques.
Street Access Adequate
Utilities The subject complex was constructed to be fully self sufficient as it had
its own boiler house to heat the main hospital building and all the
outbuildings. Additionally, there is one (1) 500,000 gallon and one (1)
1,000,000 gallon water reservoir. The subject complex also had its own
sewage treatment facility. The complex is however connected into the
(now dissolved) Village of Perrysburg. Any future development of the
site would have public water and public sewer access.
Easements Upon inspection there are no apparent easements or encroachments
other than typical public utility easements. Verification of this should
be made.
Flood Zone Zone X – Community Panel No: 360066-0019B / Dated: September 28,
2005
Detrimental Influences None apparent
Zoning/Conformity
A-R “Agricultural District” – 97.56± Acres
R “Residential District” – 47.44± Acres
I-C “Industrial Commercial” – 37.00± Acres
Site Improvements
173,200± Sq.Ft. Main Hospital Complex
32,234± Sq.Ft. Dining Facility | 17,424± Sq.Ft. Auditorium
(2) 9,148± Sq.Ft. Treatment / Office Buildings
22,216± Sq.Ft. Boiler House | Additional Outbuildings
On-Site Parking A series of asphalt paved roadways & parking areas in poor condition
overgrown with vegetation.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
37
Site Data – Parcel No.2:
Parcel Size 2,221` x Irregular = 315± Acres
Site includes frontage on N.Y.S. Route 39, Hooker Hill Road and Peck
Hill Road
Land Contour & Soil The topography of the site is rolling, sloping uphill in a southerly
direction from the northern property line along N.Y.S. Route 39. No
soil reports were available for review. It is, therefore, a premise of this
appraisal that there exist no adverse conditions which would prevent
development of the site to its highest & best use utilizing standard
construction materials and techniques.
Street Access Adequate
Utilities The subject complex was constructed to be fully self sufficient as it had
its own boiler house to heat the main hospital building and all the
outbuildings. Additionally, there is one (1) 500,000 gallon and one (1)
1,000,000 gallon water reservoir. The subject complex also had its own
sewage treatment facility. The complex is however connected into the
(now dissolved) Village of Perrysburg. Any future development of the
site would have public water and public sewer access.
Easements Upon inspection there are no apparent easements or encroachments
other than typical public utility easements. Verification of this should
be made.
Flood Zone Zone X – Community Panel No: 360066-0019B / Dated: September 28,
2005
Detrimental Influences None apparent
Zoning/Conformity
A-R “Agricultural District” – 242.21± Acres
R “Residential District” – 52.79± Acres
I-C “Industrial Commercial” – 20.00± Acres
Site Improvements
10,454± Sq.Ft. Dormitory Building
Eight (8) 1,398± Sq.Ft. Staff Homes
1,742± Sq.Ft. Office Building
On-Site Parking A series of asphalt paved roadways & parking areas in poor condition
overgrown with vegetation.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
38
Site Data – Parcel No.3:
Parcel Size 3,746` x Irregular = 152± Acres
Site includes frontage on N.Y.S. Route 39
Land Contour & Soil The topography of the site is rolling, sloping uphill in a southerly
direction from the northern property line along N.Y.S. Route 39. No
soil reports were available for review. It is, therefore, a premise of this
appraisal that there exist no adverse conditions which would prevent
development of the site to its highest & best use utilizing standard
construction materials and techniques.
Street Access Adequate
Utilities The subject property includes natural gas, water, overhead electric &
telephone lines. No public sewer connection.
Easements Upon inspection there are no apparent easements or encroachments
other than typical public utility easements. Verification of this should
be made.
Flood Zone Zone X – Community Panel No: 360066-0019B / Dated: September 28,
2005
Detrimental Influences None apparent
Zoning/Conformity
A-R “Agricultural District”
Site Improvements
None
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
39
MARKET ANALYSIS
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
40
Market Analysis – (Continued):
As previously explained, the subject complex was formerly opened in 1912 as a Sanitarium for
Tuberculosis patients. In 1948 the complex was transferred to the State of New York and operated
by the Office of Developmental Disabilities. The Office of Developmental Disabilities
decommissioned and closed the facility in 1991 and since that time the complex has not been
maintained and the improvements suffer from severe differed maintenance.
Underutilized and severely differed complexes are defined in many ways, depending on different
entities perspectives. Real Estate Professionals and developers typically define a property such as the
J.N. Adam Complex in economic terms, that is has not achieved its Highest & Best Use or its
maximum profit-making capacity. Local & State government leaders generally have a broader
perspective of a property such as the J.N. Adam Complex, taking into consideration the impact of
the property on the community’s stability, economic vitality and overall property values.
In the following section, this Market Study will look at both scenarios. The first will be to look at the
Highest & Best Use of the property from a Real Estate prospective. The second, from the
Hypothetical Condition where local, State, Federal & Private Sector funding is a possibility. The
second is a Local Community-specific evaluation, focusing on the short term / long term plans for
the complex, economic environment, demographics, cultural influence and of most importance, the
location of the complex.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
41
Market Analysis - Highest and Best Use:
Highest and Best Use is defined as:
The reasonably probable legal use of vacant land or an improved property which is physically
possible, appropriately supported, financially feasible, and that results in the highest value.
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
A. Legally Permissible - Determining if a potential use is permitted by zoning and/or
deed restrictions on the subject site.
B. Physical Possibility - Determining if a potential use is physically possible based on
the physical nature of the subject site and acceptable land uses.
C. Financial Feasibility - Determining if a potential use will produce a net income return
to the owner of the site.
D. Maximum Profitability - Determining that use, from those alternative uses which
meet the above criteria, which is most profitable to the owner of the site in terms of
highest net return.
We evaluated the site's Highest and Best Use as currently improved. The use must be (1) Physical
Possible (2) Legally Permissible (3) Financially Feasible and (4) maximally productive. However,
because the site is already improved with substantial improvements that are vacant and do not
generate an economic return, the focus of our Highest and Best Use analysis is on the site as vacant.
"As-If Vacant":
Physical Factors: The subject parcel of land contains 649± acres and is large enough to
accommodate a variety of recreational uses including campgrounds, game preserve, State park
and/or biking trails. The subject's hard surface, highway access enhances its appeal for a use that
relies upon the ability of patrons to be afforded easy access. Overall, we view the subject land as
being free of any physical limiting conditions that may restrict its use for recreational purposes and
some residential development along the road frontages.
Legal Factors: The second constraint concerns permitted uses. Legal restrictions, as they apply to
the subject are private restrictions of deed and the public restrictions of zoning. There does not
appear to be any private restrictions that impact the site. There are no known wetlands that would
have a major impact on the site. The current zoning districts impacting the site permit
agricultural/residential and commercial/industrial uses. Due to the site's rural location and lack of
development in the area, we believe that recreational/residential uses would be legally conforming
and compatible to the surrounding uses for the site. There appears to be almost no demand in the
area for industrial uses.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
42
Market Analysis - Highest and Best Use: (Continued)
"As-If Vacant": (Continued)
Financial Feasibility & Maximum Profitability: After determining those uses that are physically
possible and legally permissible, the recreational/residential uses must be analyzed in light of their
financial feasibility. As indicated in the locational section of this report, the subject's area is
characterized as rural with a limited population base to support any type of major residential
development. We see no significant changes in the local demographics that would enhance the
marketability of the site. The last test of Highest and Best Use is that of maximum profitability. The
subject's site size, heavily wooded and rural location lead us to the conclusion that the Highest and
Best Use for the subject property, as if vacant, would be for recreational uses and some residential
development along the road frontages.
"As Improved":
Physical Factors: The first constraint imposed on the possible use of the site is dictated by the
physical aspect of the parcel itself. As noted in our Property Description section of the report, the
subject site is of significant size comprising of 649.00± acres of land that could be marketed as two
(2) separate parcels considering that each parcel has road frontage. The topography of the site is
rolling and generally covered with mature trees. The existing improvements are in considerable
deteriorated to dilapidated condition and are not habitable. The public utilities available to the J.N.
Adam Developmental site include; Public water, electric and natural gas. There is a sewer treatment
plant that was built to service the improvements located on the east and west sides of Peck Hill
Road. However, we cannot conclude that the sewer and water treatment plants are operational. The
subject complex was constructed to be fully self sufficient as it had its own boiler house to heat the
main hospital building and all the outbuildings. Additionally, there is one (1) 500,000 gallon and one
(1) 1,000,000 gallon water reservoir. The subject complex also had its own sewage treatment
facility. The complex is however, connected into the (now dissolved) Village of Perrysburg. Any
future development of the site would have public water and sewer access to Parcels No.1 & No.2.
Parcel No.3 would have access to only public water.
Legal Factors: Legal restrictions, as they apply to the subject property; are private restrictions and
the public restrictions of zoning. There are no private restrictions that are known to adversely affect
the utilization of the site. There are no Federal or State Wetlands on the sites. The property located in
the Town of Perrysburg, New York is zoned Agricultural, the property located in the former Village
of Perrysburg, New York is zoned Residential. The property located within the bounds of the fenced
areas are zoned Commercial/Industrial. Furthermore, we are not aware of any environmental reports
or controls that may impact the unimproved portion of the site. The improved portions of the site
consists of two (2) fenced enclosed areas developed with older brick/stone and frame structures that
were abandoned in 1993 and are in extremely deteriorated condition.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
43
Market Analysis - Highest and Best Use: (Continued)
"As Improved": (Continued)
The main area located on the east side of Peck Hill Road is improved with a large multi-story
complex constructed of brick and stone with mostly Spanish tile roofs. Given the period of time
when this complex was built there is undoubtedly environmental contamination from the
construction materials used during that period of time of construction along with the infestation of
mold.
The second fence area is located on the west side of Peck Hill Road and is improved with eight (8)
two-story frame single family residences built in the 1970's with attached one-car garages and a
multi-story masonry dormitory building. These buildings also are abandoned and in dilapidated
condition and have been exposed to the elements for a number of years. There is also a 2½-story
frame office/residence located outside the fenced area. This building is also abandoned and boarded
up. Considering the time period when these structures were built there maybe environmental
contaminations from the construction materials and the infiltration of mold. Due to the subject
property's rural location, we believe that recreational uses would be a legally conforming use and
compatible use for the land located outside of the two (2) fenced area which is approximately 592±
acres.
Research has indicated that the J.N. Adam Developmental improvements may be listed on the New
York State Registry of Historical Places which would make any demolition subject to a potential
legal challenge.
Financial Feasibility & Maximum Profitability: After analyzing the physically possible and legally
permissible aspects of the property, the Highest and Best Use must be considered in light of financial
feasibility and maximum productivity. For a potential use to be seriously considered, it must have
the potential to provide a sufficient return to attract investment capital over alternative forms of
investment.
As discussed, the total land area is 649.00± acres of which approximately 57.00± acres are fenced
enclosed and include substantial building improvements. The facility was closed in 1993 and the
improvements abandoned. Over time, the improvements have become substantially deteriorated
from lack of maintenance and exposure to the elements.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
44
Market Analysis - Highest and Best Use: (Continued)
"As Improved": (Continued)
The subject’s size, rural location and limited potential for the area to expand, lead us to the
conclusion that the Highest & Best Use for the subject property is to market the vacant 592.00±
acres of land for recreational uses. We find that there is no economic value to the building
improvements located within the fenced areas.
The owner of the property would have to continue to own and maintain the 57.00± acres of the
fenced improvements. The rehabilitation of the improvements would, in our opinion cost upwards of
100 Million dollars.
To estimate the cost of demolishing the structures we contacted The Krog Group located in Orchard
Park, New York. The company has been involved in the demolition and remediation of commercial
and industrial building sites in the Western New York area. Their estimate to demolish the structures
to grade and remove the materials from the site is $4,500,000.
According to Ontario Specialty Contracting demolition and dismantlement contractors located in
Buffalo, New York, their estimate to demolish the structures with lead and asbestos abatement is
$8,500,000.
The cost estimate developed from Marshall Valuation Service to demolish the structures assuming
full asbestos and lead abatement is $37.50 per square feet or $10,687,800. The costs developed from
Marshall Valuation Service are based on national averages and is generally higher than local area
costs. The use of these sources has indicated demolition costs to grade from $4,500,000 to
$8,500,000.
Additionally, the demolition cost estimates do not include the removal of the foundations which
could increase the cost by a million dollars or more. In addition, these costs do not include the
dumping fees or any major environmental remediation costs.
Private funding for the project would, in all likelihood not be available. To accomplish the
rehabilitation of the improvements, government funding would be needed and it is highly speculative
this would be available given the rural location of the complex and lack of demand for this type of
property.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
45
Market Analysis – (Continued):
The analysis of the Hypothetical Condition where local, State, Federal & Private Sector funding is a
possibility takes into consideration the following factors:
Does the J.N. Adam Developmental Complex have historic and/or architectural significance?
This can be a positive marketing and economic planning tool as for example, research has indicated
that the J.N. Adam Developmental Complex improvements may be listed on the New York State
Registry of Historical Places which would make any demolition subject to a potential legal
challenge. Further, the process of placing the complex on the National Register of Historic Places
(NRHP) is a three (3) step process which would make restoration of the complex eligible for both
State and Federal rehabilitation tax credits. The Federal rehabilitation tax credits amount to 20% of
the qualified rehabilitation costs performed and are then received back in the form of Federal income
tax credits. The purpose of the tax credits are to help offset the cost of the potential redevelopment of
the J.N. Adam Developmental Complex. The potential work would comply with the Secretary of the
Interior’s Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings. As for
the short term plan of the complex, “mothballing” of the improvements needs to be considered. As
immediate funding for redevelopment is not available to put the improvements into usable condition,
and, as a master rehabilitation plan is being formed; “mothballing” is a necessary means to protect
the improvements from further deterioration from the weather and vandalism.
Economic Environment – Is funding available for the repurpose of the J.N. Adam Developmental
Complex?
In researching this portion of the Market Study, we have spoken with representatives of the
Cattaraugus County Industrial Development Agency, the Southerntier West Regional Planning and
Development Board and the Empire State Development Corporation. All of these organizations have
stated that some levels of funding could be available. Combining potential funding from these
organizations, historic tax credits, State & Federal, Nonprofit Corporations and private sector
funding could economically assist in the repurposing of the J.N. Adam Developmental Complex.
Is the J.N. Adam Developmental Complex Marketable?
Similar Complexes with superior locations & marketing appeal will have multiple development
options and will typically sell and/or be developed faster. The subject property is located on the
southern side of N.Y.S. Route 39 in the northeast quadrant of the Town of Perrysburg, New York.
The subject property lies in a predominately rural area with development mostly along the road
frontages. Located approximately 15 miles west of the subject is the New York State Thruway (NYS
Rte.90). Just north of the subject is the Gowanda Correctional Facility and the Collins Correctional
Facility. Each is a medium security facility housing approximately 4,000 inmates. The Cattaraugus
Indian Reservation is also located approximately 1.7 miles north of the subject. The largest two (2)
population centers are the City of Buffalo, New York (30 miles northwest) and the City of
Jamestown, New York (27 miles southwest). The rural location of the J.N. Adam Developmental
Complex is unfortunately the biggest deterrent to repurpose / reuse as currently there is no ancillary
attraction which would draw the larger regional population to it. This could also be a deterrent to
potential developers and investors as they are basically starting with severely deteriorated
improvements in a location which is not easily accessible to the regional population.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
46
Market Analysis – (Continued):
What are possible plans for the long term use of the J.N. Adam Developmental Complex?
The following projects stem from situations similar to the J.N. Adam Developmental Complex. They
were all deteriorated sites which have been or are currently being repurposed and restored. These
projects have been created through a combination of State, Federal and Private Sector investments.
Unlike these projects, the J.N. Adam Developmental Complex is located in a rural location which
acts as a potential deterrent to developers / investors.
The first project is the Imperial Baths at Sharon Springs, located in Sharon Springs, New York. This
project is located seven miles south of the New York State Thruway (NYS Rte.90), 36 miles east of
the City of Utica, New York which has a population of 61,628 (2015) and 44 miles west of the
“Capital District” which has a population of 1,170,483 (2015).
The second project is the Our Lady of Lourdes Medical Center, located in the City of Camden, New
Jersey. The City of Camden has a population base of 76,904 (2015). The City of Philadelphia,
Pennsylvania is located just across the Delaware River and has a population of 1,555,072 (2105).
The third project is the Bennett College for Girls Campus, located in the Village of Millbrook, New
York. This project is located 3.8 miles east of the Taconic Parkway (NYS Rte.987) and 13 miles
northeast of the City of Poughkeepsie, New York which has a population of 75,421 (2015).
The fourth project is the Hudson River State Hospital Campus, located in the City of Poughkeepsie,
New York, which has a population of 75,421 (2015). Marist College and Vassar College are located
just to the south of the campus.
As repurpose / reuse have been implemented for each of these projects, it can be seen that a strong
population base was a vital role in the redevelopment plans.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
47
Market Analysis – (Continued):
SHARON SPRINGS – 225 Main Street
Village of Sharon Springs
County of Schoharie, State of New York
S.B.L. Numbers: 5.14-2-4 | 5.14-2-2
Young Sook
to
Sharon Springs, Inc.
Liber/Page: 1007-160
Date of Sale: October 2, 2015
Sale Price: $1,075,000
Building Area: 41,456± Sq.Ft.
Land Area: 14.90± Acres
Cost to Repurpose (Per Sq.Ft.): $241.21
Remarks: This represents the transfer of The Imperial Baths at Sharon Springs. The 14-acre
complex will be restored and ready to open as the new Imperial Bath & Spa by the end of 2017.
Renovation of the bathhouse alone is a $10 million investment. The spa will include saunas, indoor
and outdoor tubs, massage studios and a restaurant that will operate year-round. The baths were
purchased by Sharon Springs, Inc., who’s CEO; Kyusung Cho is the owner of Dongbu Tour &
Travel, which transports 40,000 visitors between New York City and Niagara Falls each year. Once
the Imperial is ready for business, Dongbu customers, who take eight- and nine-day trips, will be
rerouted to Sharon Springs to visit the spa on their way to the falls. Sharon Springs sits in the
northeast corner of Schoharie County, which has a population of 31,000. The economy is driven
largely by agriculture. One of the largest employers is SUNY Cobleskill, a public school with a
curriculum focused heavily on farming. There are 198 faculty and 280 staff. Other big employers
include the Wal-Mart distribution center in Sharon Springs, which employs close to 700, Kintz
Plastics and Howes Cave.
Verified PLS 1-2017 by: Grantor, Assessor’s Records & Deed
http://www.bizjournals.com/albany/search/results?q=Kyusung%20Cho
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
48
Market Analysis – (Continued):
SHARON SPRINGS – 225 Main Street
Village of Sharon Springs
County of Schoharie, State of New York
S.B.L. Numbers: 5.14-2-4 | 5.14-2-2
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
49
Market Analysis – (Continued):
SHARON SPRINGS – 225 Main Street
Village of Sharon Springs
County of Schoharie, State of New York
S.B.L. Numbers: 5.14-2-4 | 5.14-2-2
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
50
Market Analysis – (Continued):
SHARON SPRINGS – 225 Main Street
Village of Sharon Springs
County of Schoharie, State of New York
S.B.L. Numbers: 5.14-2-4 | 5.14-2-2
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
51
Market Analysis – (Continued):
OUR LADY OF LOURDES MEDICAL CENTER
1600 Haddon Avenue
City of Camden
County of Camden, State of New Jersey
Parcel Number: 08-01301-0000-00001
Dominican Sisters of Perpetual Rosary
to
Our Lady of Lourdes Medical Center
Liber/Page: 10141-0264
Date of Sale: December 17, 2014
Sale Price: $4,000,000
Building Area: 634,284± Sq.Ft.
Land Area: 15.90± Acres
Cost to Repurpose (Per Sq.Ft.): $157.65
Remarks: Sale represents the transfer of a large hospital building which had been in decline for the
past several years. The re-development of the hospital complex will include the Haddon Avenue
Transit Village, a $100 million mixed-use development, will be built on 15 acres of land within the
Our Lady of Lourdes Medical Center complex and the Ferry Avenue PATCO rail station, which
transports riders to Philadelphia and southern New Jersey. The project will include retail, office
space, several hundred housing units and a full-service grocery store. It is being spearheaded by
Grapevine Development in partnership with the City of Camden, Camden County, Our Lady of
Lourdes Medical Center, the Delaware River Port Authority (DRPA), and Cooper’s Ferry
Partnership. Construction on phase I of the project began in October 2015 and will include 115
housing units and 40,000 square feet of office space. Housing units will be market rate, but Our
Lady of Lourdes Hospital, the project’s primary tenant, is offering incentives for employees that live
where they work. While phase II has yet to be scheduled, it should bring an added 400 housing units,
additional office and retail development, and a transit plaza that connects the PATCO station to
Haddon Avenue, a major Camden thoroughfare.
In a move that seizes upon the connection between land use and transportation, the development will
include pedestrian- and cyclist-friendly improvements to Haddon Avenue itself including bike lanes,
new traffic signals, crosswalks, ADA-accessible sidewalks and other traffic calming measures.
Verified PLS 1-2017 by: Grantor, Assessor’s Records & Deed
http://www.camdencounty.com/county-news/parking-center-within-camden-citys-new-haddon-avenue-transit-villagehttp://www.camdencounty.com/county-news/parking-center-within-camden-citys-new-haddon-avenue-transit-villagehttp://www.ridepatco.org/http://www.grapevinedevelopment.net/http://www.ci.camden.nj.us/http://www.camdencounty.com/http://www.lourdesnet.org/http://www.lourdesnet.org/http://www.drpa.org/http://www.coopersferry.com/http://www.coopersferry.com/http://www.lourdesnet.org/http://www.lourdesnet.org/
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
52
Market Analysis – (Continued):
OUR LADY OF LOURDES MEDICAL CENTER
1600 Haddon Avenue - City of Camden
County of Camden, State of New Jersey
Parcel Number: 08-01301-0000-00001
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
53
Market Analysis – (Continued):
BENNETT COLLEGE FOR GIRLS
Bennett Commons & Exmoore Lane
Village of Millbrook
County of Dutchess, State of New York
S.B.L. Numbers: 6.674-1-383.842 | 6.674-1-387.757 | 6.674-1-353.764 | 6.674-1-352.784
6.674-1-346.799 | 6.674-1-283.780 | 6.674-1-289.736
Bennett Acquisitions, LLC
to
Thorndale Farm, LLC & Millbrook Tribute Garden Foundation
Liber/Page: 22014-2928
Date of Sale: May 12, 2014
Sale Price: $968,850
Building Area: 79,998± Sq.Ft.
Land Area: 25.16± Acres
Cost to Repurpose (Per Sq.Ft.): $250.00
Remarks: Sale represents the transfer of The Bennett College for Girls Campus. The college closed
in 1978 and has suffered from extreme differed maintenance since that time. The campus was
purchased to convert to recreational parkland and hopefully renovate a portion of the improvements.
The park would be an extension of the Millbrook Tribute Garden's park located on Franklin Avenue
in the village. The goals of the foundation are to study the property and to hire a firm to demolish
Halcyon Hall in a safe manner, with the hopes of keeping the stonework intact and create a park-like
atmosphere. The foundation, through various entities, bought seven lots east of Bennett Commons
that border on the Millbrook Golf and Tennis Club and Thorndale Farm. These lots include the
Kettering Science Center, the Mellon music and dance buildings, the Harkaway Theatre, Hale
House, Hillside House and two vacant parcels. First, unsafe structures will be removed and
environmental risks will be mitigated. Preliminary investments are somewhere in the $20 Million
dollar range.The entire campus has its own zoning district called Bennett Campus District and was
adopted in 2005 in an attempt to differentiate it from the rest of the village, which is mostly
residential neighborhoods for about 1,400 people and a central business district.
Verified PLS 1-2017 by: Grantor, Assessor’s Records & Deed
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
54
Market Analysis – (Continued):
BENNETT COLLEGE FOR GIRLS
Bennett Commons & Exmoore Lane
Village of Millbrook
County of Dutchess, State of New York
S.B.L. Numbers: 6.674-1-383.842 | 6.674-1-387.757 | 6.674-1-353.764 | 6.674-1-352.784
6.674-1-346.799 | 6.674-1-283.780 | 6.674-1-289.736
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
55
Market Analysis – (Continued):
BENNETT COLLEGE FOR GIRLS
Bennett Commons & Exmoore Lane
Village of Millbrook
County of Dutchess, State of New York
S.B.L. Numbers: 6.674-1-383.842 | 6.674-1-387.757 | 6.674-1-353.764 | 6.674-1-352.784
6.674-1-346.799 | 6.674-1-283.780 | 6.674-1-289.736
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
56
Market Analysis – (Continued):
HUDSON RIVER STATE HOSPITAL
3532 North Road
Town of Poughkeepsie
County of Dutchess, State of New York
S.B.L. Numbers: 006.163-3-11.149
Hudson Heritage Development, LLC
to
EFG/DRA Heritage, LLC
Liber/Page: 22013-6200
Date of Sale: November 8, 2013
Sale Price: $4,000,000
Building Area: 698,710± Sq.Ft.
Land Area: 156.19± Acres
Cost to Repurpose (Per Sq.Ft.): $357.80
Remarks: Sale represents the transfer of the Hudson River State Hospital Campus. Re-development
of the campus will be called Hudson Heritage; a $250 million project which will transform the
abandoned hospital into a mixed-use community, consisting of 750 residential units including
multifamily apartments, townhomes, and detached single-family homes. The 156-acre property will
also feature retail shops, dining and hotels. As well as over 2.6 miles of a multi-use trail system,
linking to the Walkway over the Hudson, Quiet Cove Park and the Marist College Campus. Select
structures from the Hudson River State Hospital will be preserved and reused in the new
development. The former Administration building, which is listed on the National Register of
Historic Places, will be rehabilitated to its original architectural state and repurposed into a
hotel/spa/restaurant/catering facility. Additional buildings that will be preserved include the original
library, theater, chapel and Director’s residence. In 1871, The Hudson River State Hospital became
New York State’s second insane asylum. In the 1950s it housed over 6,000 patients and employed
hundreds of doctors and nurses. A major component of moral treatment was the so-called Kirkbride
building, named after Dr. Thomas Story Kirkbride, who developed a well-known treatise on the
ideal asylum design. Dozens of massive structures, mainly characterized by their somewhat unique
“bat-wing” floor plan and imposing architecture, were built around the country in the late 19th
century. But the main administration building at Poughkeepsie is unique for a Kirkbride: one wing is
shorter than the other.
Verified PLS 1-2017 by: Grantor, Assessor’s Records & Deed
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
57
Market Analysis – (Continued):
HUDSON RIVER STATE HOSPITAL
3532 North Road
Town of Poughkeepsie
County of Dutchess, State of New York
S.B.L. Numbers: 006.163-3-11.149
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
58
Market Analysis – (Continued):
HUDSON RIVER STATE HOSPITAL
3532 North Road
Town of Poughkeepsie
County of Dutchess, State of New York
S.B.L. Numbers: 006.163-3-11.149
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
59
Market Analysis – (Continued):
Location Map of the Subject Property & Comparable Projects:
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
60
Market Analysis – (Continued):
The following additional projects are all located in Western New York and have been “green
lighted” for development. These projects have been researched to determine the potential cost of
redevelopment of the subject property.
Project Address Estimated Cost Type of Project Cost/Sq.Ft.
AP Lofts at
Larkinville
545 Swan Street
Buffalo, NY
$39 Million Former 8-story A&P
warehouse containing
234,000± Sq.Ft., Reuse 146
Apartments
$166.67
National Comedy
Center
211 W. Second St.
Jamestown, NY
$45 Million 48,000± Sq.Ft. center to
celebrate history of comedy.
$937.50
Former AM & A's
Department Store
377 Main Street
Buffalo, NY
$70 Million Repurpose 400,000± Sq.Ft.
into 350-room hotel.
$175.00
Buffalo Christian
Center
512 Pearl Street
Buffalo, NY
$75 Million Repurpose building and
construct a new12-story
Building. The total building
area will be 366,000± Sq.Ft.
$204.92
Central Terminal 485 Paderewski Dr.
Buffalo, NY
$200 Million 17-Story, Renovate 523,000±
Sq.Ft. Rail Terminal.
$381.41
Queens Light
219 Bryant Street
Buffalo, NY
$122 Million 2 & 6-Story, Reuse Women's
Children's Hospital of
Buffalo, 429,738± Sq.Ft.
$283.89
Trico Building 791 Washington St.
Buffalo, NY
$90 Million Reuse of a 6-story, 591,600±
Sq.Ft. industrial building into
hotel, office and apartments.
$152.13
These projects are projected to occur in 2017 and 2018.
The cost analysis of reuse projects indicates a range in cost per square foot from $152.13 per square
foot to $937.50 per square foot. Considering these reuse projects in general did not have as
dilapidated structures as the subject property, it is reasonable to project the reuse cost for the
subject's 285,008± square feet in the range of $300 to $350 per square foot or $85 million to over
$100 million.
The extremely high cost of redeveloping the subject property further increases the difficulty and
uncertainty in obtaining private and public sector funding as this project could balloon to well over
$115 Million.
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
61
Market Analysis – (Continued):
Casino Development:
The J.N. Adam Developmental Complex as a possible repurpose / reuse as a Casino will be
examined in this section. Formulating this possible repurpose / reuse would start with a master
rehabilitation plan which would serve as a comprehensive guide for the complete rehabilitation of
the “Historic” structures within the complex and options for those that may need to be demolished to
make way for new improvements. A casino development could be achieved on the subject property
given its layout. The existing main portion of the J.N. Adam Developmental Complex (on the east
side of Peck Hill Road), as well as newly constructed improvements would serve as the main casino
site. This area would house the actual casino, restaurants, hotel area and event center; with the eight
(8) single family dwellings used to provide housing for casino administration and/or private
accommodations for guests with extended stays. The large land area would provide ample space for
the additional improvements which would need to be constructed and an expanded parking area
and/or parking ramp. The balance of the land would need to be transformed into a park-like setting
to provide the needed aesthetics to complete this transformation.
The major problem facing this transformation again falls into the rural location of the J.N. Adam
Developmental Complex. The casino market in recent years has seen tremendous growth. The
primary competition for the potential development as a casino would be the Seneca Buffalo Creek
Casino and the Seneca Allegany Casino.
The Seneca Buffalo Creek Casino is a casino in the City of Buffalo, New York located
approximately 30± miles northwest of the subject property. It is owned by the Seneca Nation of New
York, and operated through the Seneca Gaming Corporation. It opened as a temporary structure in
2007 and a permanent casino building opened in August 2013 consisting of 67,000± Sq.Ft. of
gaming space. In the spring of 2017 a $40 Million dollar, 57,000± Sq.Ft. addition was added. With
this completed, the casino has more than 1,100 slot machines and about 30 table games. Additional
improvements for the first floor include a high-limit room, an expanded non-smoking area, a
performance stage for live entertainment at the Stixx Sports Bar and a small amount of additional
retail space for a gift shop and coffee shop. The Buffalo Savors Grill will also be expanded. The
second floor includes a new restaurant known as the Western Door Bar & Grille. The casino attracts
about 3 million visitors annually.
Seneca Allegany Casino is a resort, hotel, and casino in the City of Salamanca, New York located
approximately 25± miles southeast of the subject property. It is owned by the Seneca Nation of New
York. The complex consists of 68,300± Sq.Ft. of gaming space, a spa, six restaurants, and has 413
hotel rooms. In 2012 a $53 Million dollar, second hotel tower was completed providing an additional
201 hotel rooms within the complex. The casino’s presence in the community has been beneficial in
two main areas: employment for more than 800 full-time employees, as part of the roughly 1,100
total workers there and the 3 million visitors it brings to the region annually. The Seneca Allegany
Events Center, a multi-purpose facility that can host up to 2,400 guests is also located on the
property.
https://en.wikipedia.org/wiki/Buffalo,_New_Yorkhttps://en.wikipedia.org/wiki/New_York_(state)https://en.wikipedia.org/wiki/Seneca_Nation_of_New_Yorkhttps://en.wikipedia.org/wiki/Seneca_Nation_of_New_Yorkhttps://en.wikipedia.org/wiki/Temporary_structurehttps://en.wikipedia.org/wiki/Salamanca_(city),_New_Yorkhttps://en.wikipedia.org/wiki/New_York_(state)https://en.wikipedia.org/wiki/Seneca_Nation_of_New_Yorkhttps://en.wikipedia.org/wiki/Seneca_Nation_of_New_York
-
PROPERTY: J.N. Adam Developmental - N.Y.S. Route 39, Hooker Hill Road & Peck Hill Road
Town of Perrysburg, County of Cattaraugus, State of New York
S.B.L. Numbers: 16.001-1-3.1 | 16.002-2-10 | 15.002-1-15 (March 2017)
62
Market Analysis – (Continued):
Casino Development:
View of the Seneca Buffalo Creek Casino
The opening of the Rivers Casino in Schenectady also brought the state closer to the saturation of the
upstate gaming